Fpf Workflow Procedural Guide Test 1
This is the first of 3 tests that you must complete to show that you fully understand the concepts, policies, and procedures of the FPF Workflow Procedural Guide.
- 1.
In what case does a business email address need to be listed in social media?
- A.
If you leave a post on a Facebook friend's wall.
- B.
If any FPF employee makes reference to their profession or makes any reference to mortgage lending in social media, they must list their business email on those sites.
- C.
If you open a Twitter account to share inspirational quotes.
Correct Answer
B. If any FPF employee makes reference to their profession or makes any reference to mortgage lending in social media, they must list their business email on those sites. -
- 2.
What is the required login frequency required by FPF to ensure transactional responsiveness?
- A.
Once a day on normal business days
- B.
No less than twice daily on normal business days
- C.
No less than 5 times daily on normal business days
- D.
6 times per weekend
Correct Answer
B. No less than twice daily on normal business daysExplanation
To ensure transactional responsiveness, FPF requires a login frequency of no less than twice daily on normal business days. This means that users must log in to their accounts at least twice every day during regular business days in order to maintain a high level of responsiveness in processing transactions.Rate this question:
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- 3.
What three prerequisites must be met prior to installation of Encompass360 and obtaining Lenny Login Credentials?
- A.
Proper licensure if a Persona requires licensure
- B.
Buying a new laptop computer
- C.
FPF Workflow Procedural training and testing
- D.
Signed Information Security Acknowledgement
- E.
Installing iris scan software on your computer
- F.
A 7 day waiting period after updating your email
Correct Answer(s)
A. Proper licensure if a Persona requires licensure
C. FPF Workflow Procedural training and testing
D. Signed Information Security AcknowledgementExplanation
The three prerequisites that must be met prior to installation of Encompass360 and obtaining Lenny Login Credentials are proper licensure if a Persona requires licensure, FPF Workflow Procedural training and testing, and a signed Information Security Acknowledgement. These requirements ensure that individuals have the necessary qualifications, knowledge, and understanding of the workflow and security protocols before being granted access to Encompass360 and Lenny Login Credentials.Rate this question:
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- 4.
In short, the eFolder in Encompass360 is:
- A.
Accessible only from iPad
- B.
Where you find a loan approval
- C.
A new feature in Lenny
- D.
A secure, paperless document management system
Correct Answer
D. A secure, paperless document management systemExplanation
The eFolder in Encompass360 is a secure, paperless document management system. This means that it is a digital platform where users can store, organize, and access their documents without the need for physical copies or traditional paper-based filing systems. It provides a secure environment for managing important loan-related documents and ensures that they can be easily accessed and retrieved when needed.Rate this question:
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- 5.
All information requests or notices must be logged in the eFolder.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
This statement implies that any requests or notices must be recorded or documented in the eFolder. This suggests that there is a requirement or policy in place to ensure that all information requests or notices are properly logged for record-keeping or tracking purposes. Therefore, the correct answer is true.Rate this question:
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- 6.
What 2 things must be done when receiving “hard copy” documents from Consumers?
- A.
Scanned and uploaded to the proper placeholder within the eFolder immediately.
- B.
Mailed to corporate office upon successful upload.
- C.
Scanned into your computer hard drive.
- D.
Shredded upon successful upload.
- E.
Stored in your refrigerator after opening.
Correct Answer(s)
A. Scanned and uploaded to the proper placeholder within the eFolder immediately.
D. Shredded upon successful upload.Explanation
When receiving "hard copy" documents from consumers, the first thing that must be done is to scan and upload them to the proper placeholder within the eFolder immediately. This ensures that the documents are stored electronically and can be easily accessed and retrieved when needed. The second thing that must be done is to shred the documents upon successful upload. This is important to maintain the security and confidentiality of the information contained in the documents, as well as to ensure compliance with data protection regulations.Rate this question:
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- 7.
Original “hard copy” documents must be:
- A.
Stored in a fire safe vault.
- B.
Burned after upload.
- C.
Mailed back to the customer.
- D.
Locked in a secure filing cabinet until being returned to the applicant.
Correct Answer
D. Locked in a secure filing cabinet until being returned to the applicant.Explanation
Original "hard copy" documents must be locked in a secure filing cabinet until being returned to the applicant. This ensures the safety and confidentiality of the documents while they are in the possession of the organization. Storing them in a fire safe vault may provide additional protection against fire, but it may not be practical for everyday access. Burning the documents after upload is not necessary as they may be needed for future reference or verification. Mailing them back to the customer may not be secure and could lead to potential loss or theft.Rate this question:
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- 8.
What is the most efficient and secure means of gathering Consumer information?
- A.
FedEx
- B.
United States Postal Service
- C.
The Loan Center
- D.
E-mail
Correct Answer
C. The Loan CenterExplanation
The Loan Center is the most efficient and secure means of gathering consumer information because it is a specific institution that specializes in loans and financial services. They are likely to have robust security measures in place to protect customer data and have streamlined processes for collecting and managing consumer information. Additionally, as a dedicated financial institution, they have the expertise and resources to efficiently gather and process consumer information compared to other options like FedEx, United States Postal Service, or email, which may not have the same level of security or specialization in gathering consumer information.Rate this question:
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- 9.
What loan products are eligible for eSigning?
- A.
VA Loans
- B.
USDA Loans
- C.
Conventional Loans
- D.
FHA Loans
- E.
Hard Money Loans
Correct Answer
C. Conventional LoansExplanation
Conventional Loans are eligible for eSigning. This means that borrowers can electronically sign the necessary documents and agreements for these loans, rather than having to physically sign and mail them. ESigning offers convenience and efficiency, as it allows for a faster and more streamlined loan process. It also reduces the need for paper documents and in-person meetings, making it a more environmentally friendly option.Rate this question:
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- 10.
What is the most efficient, secure method for a consumer to “wet sign” loan disclosures?
- A.
E-mail
- B.
In Lenny
- C.
Adobe Connect
- D.
EFolder Download, print and fax with bar-coded coversheet.
Correct Answer
D. EFolder Download, print and fax with bar-coded coversheet.Explanation
The most efficient and secure method for a consumer to "wet sign" loan disclosures is to download the documents from an eFolder, print them out, sign them manually, and then fax them back with a bar-coded coversheet. This method ensures that the documents are securely transmitted and that the consumer's signature is physically present on the documents. E-mail, In Lenny, and Adobe Connect may not provide the same level of security and authenticity as the eFolder method.Rate this question:
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- 11.
Where are “wet signed” documents automatically placed after being faxed with the toll free bar-coded cover sheet?
- A.
Unassigned placeholder of the eFolder
- B.
Your email inbox
- C.
In Lenny
- D.
The New Documents placeholder of the eFolder
Correct Answer
A. Unassigned placeholder of the eFolder -
- 12.
Name two of four ways a User is notified that they have received documents they have requested from the consumer.
- A.
User gets an email notifying them of new documents
- B.
There is a green alert inside the Encompass360 pipeline
- C.
SMS text message to your cell phone
Correct Answer(s)
A. User gets an email notifying them of new documents
B. There is a green alert inside the Encompass360 pipelineExplanation
The user is notified of receiving documents in two ways. Firstly, they receive an email notification informing them about the new documents. Secondly, there is a green alert displayed inside the Encompass360 pipeline, indicating the arrival of the requested documents.Rate this question:
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- 13.
Mavent is a:
- A.
Character in "Gone with the Wind"
- B.
Integrated quality assurance system
- C.
Superhero from the planet Krypton
- D.
Flood certification system
Correct Answer
B. Integrated quality assurance systemExplanation
Mavent is an integrated quality assurance system. This means that it is a software or platform that helps ensure the quality and compliance of various processes or activities within an organization. It is designed to streamline and automate quality assurance processes, such as risk assessment, compliance checks, and documentation management. By using Mavent, organizations can enhance their efficiency, reduce errors, and ensure regulatory compliance in areas such as mortgage lending, insurance, or healthcare.Rate this question:
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- 14.
How many FPF configured “hard stops” are provided to make processing the application more efficient and accurate?
- A.
6
- B.
7
- C.
1
- D.
9
Correct Answer
A. 6Explanation
The correct answer is 6. This suggests that there are six "hard stops" configured to make processing the application more efficient and accurate. These hard stops likely serve as checkpoints or barriers in the application processing flow, ensuring that each step is completed accurately before proceeding to the next step. By having multiple hard stops in place, the application can be thoroughly reviewed and validated at various stages, reducing the chances of errors and improving overall efficiency.Rate this question:
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- 15.
Milestones are:
- A.
Communication points in Lenny
- B.
Points earned for closing loans
- C.
Specific times when an application is handed off, or advanced from one Persona to the next for a specified function to occur.
- D.
Along the side of Route 80
Correct Answer
C. Specific times when an application is handed off, or advanced from one Persona to the next for a specified function to occur.Explanation
Milestones refer to specific times when an application is handed off or advanced from one Persona to the next for a specified function to occur. This means that milestones are key points in the process where an application is transferred or progressed to the next stage, allowing for a specific action or task to take place. It is important to track milestones as they indicate the progress and movement of applications through the different stages of the process.Rate this question:
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- 16.
UC’s are:
- A.
Undercover Cops
- B.
Use Cases, a documented, organic ledger of the entire FPF technical workflow.
- C.
Underwriter Counteroffer, a documented ledger of a counteroffer
- D.
University of California
Correct Answer
B. Use Cases, a documented, organic ledger of the entire FPF technical workflow.Explanation
The correct answer is "Use Cases, a documented, organic ledger of the entire FPF technical workflow." This is because the term "UC's" is being referred to as a documented ledger of the entire FPF technical workflow. The other options mentioned such as "Undercover Cops" or "Underwriter Counteroffer" do not align with the given context.Rate this question:
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- 17.
Whose corporate responsibility is it to pursue continuing education requirements to remain informed about changing regulations and requirements?
- A.
Chief Performance Officer
- B.
Chief Financial Officer
- C.
Chief Compliance Officer
- D.
Chief Executive Officer
- E.
Director of Business Development
Correct Answer
C. Chief Compliance OfficerExplanation
The Chief Compliance Officer is responsible for ensuring that a company complies with all relevant laws, regulations, and industry standards. Pursuing continuing education requirements is crucial for staying informed about changing regulations and requirements. This responsibility falls under the Chief Compliance Officer's role as they are responsible for keeping the company up to date with any changes in regulations and ensuring that the company remains compliant.Rate this question:
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- 18.
Whose job is it to Monitor branch P&Ls to ensure profitability and to advise the CFO of adverse financial concerns or trends?
- A.
Corporate Branch Advocate
- B.
Chief Compliance Officer
- C.
President
- D.
Corporate Branch Administrator
- E.
Hammer
Correct Answer
D. Corporate Branch AdministratorExplanation
The Corporate Branch Administrator is responsible for monitoring branch P&Ls to ensure profitability and informing the CFO about any financial concerns or trends. This role involves analyzing financial data, identifying areas of improvement, and providing recommendations to optimize branch performance. The Corporate Branch Administrator works closely with branch managers and other stakeholders to ensure financial goals are met and business operations are running smoothly.Rate this question:
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- 19.
Whose job is it to Report any adverse activities or noncompliant activities to the CCO or Board Members?
- A.
President
- B.
Corporate Branch Administrator
- C.
Director of Business Development
- D.
Director of Processing
Correct Answer
B. Corporate Branch AdministratorExplanation
The Corporate Branch Administrator is responsible for reporting any adverse activities or noncompliant activities to the CCO or Board Members. This role is typically responsible for overseeing the operations of the corporate branch and ensuring compliance with regulations and company policies. They are in a position to identify any activities that may be in violation of these standards and report them to the appropriate authorities for further action.Rate this question:
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- 20.
Whose job is it to visit remote branch locations every 6 months to perform facility inspections for information security?
- A.
Men in Black
- B.
FPF Business Representatives
- C.
FPF Account Representatives
- D.
Chief Compliance Officer
Correct Answer
B. FPF Business RepresentativesExplanation
FPF Business Representatives are responsible for visiting remote branch locations every 6 months to perform facility inspections for information security.Rate this question:
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- 21.
What types of files will be searched for on PC’s to determine the security of digital consumer documentation?
- A.
Internet browser history
- B.
PDF’s or other digital image types
- C.
Photos and Videos
- D.
Microsoft Office Documents like Word and Excel
Correct Answer
B. PDF’s or other digital image typesExplanation
The types of files that will be searched for on PC's to determine the security of digital consumer documentation are PDF's or other digital image types. This is because PDF's and digital images can contain sensitive information and are commonly used for storing and sharing important documents. By examining these file types, potential vulnerabilities or security risks can be identified and addressed.Rate this question:
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- 22.
What is the FPF policy related to storing electronic documentation on PC’s?
- A.
It must be password protected
- B.
It must be in a folder marked "FPF"
- C.
It is not allowed
- D.
Old documents must be deleted after 90 days
Correct Answer
C. It is not allowedExplanation
The FPF policy related to storing electronic documentation on PCs is that it is not allowed. This means that employees are not permitted to store any electronic documentation on their personal computers.Rate this question:
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- 23.
Whose job is it to approve all advertising?
- A.
Corporate Branch Administrator
- B.
Chief Compliance Officer
- C.
Director of Business Development
- D.
Corporate Branch Director
Correct Answer
C. Director of Business DevelopmentExplanation
The Director of Business Development is responsible for approving all advertising. This role is typically in charge of identifying and pursuing new business opportunities, which includes overseeing marketing and advertising strategies. As such, they have the authority to review and approve all advertising materials to ensure they align with the company's goals and comply with regulations.Rate this question:
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- 24.
Branch Directors and MLO’s are strictly prohibited from representing themselves as:
- A.
Realtors
- B.
Owners
- C.
Certified Mortgage Planning Specialists
- D.
Most Trusted Loan Officers
- E.
Corporate Officers
Correct Answer(s)
B. Owners
E. Corporate OfficersExplanation
Branch Directors and MLO's are prohibited from representing themselves as "Owners" and "Corporate Officers" because they do not hold those positions within the company. They may have authority and responsibilities within their roles, but they do not have the ownership or corporate officer status.Rate this question:
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- 25.
Branch Directors can represent the authority to hire or terminate employees in the licensed facilities they oversee.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Branch Directors do not necessarily have the authority to hire or terminate employees in the licensed facilities they oversee. While they may have some level of decision-making power and influence, the ultimate authority typically lies with higher-level management or human resources departments. Therefore, the statement is false.Rate this question:
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- 26.
What is the first thing a Branch Director should do if they suspect fraudulent or deceptive behavior?
- A.
Contact the media
- B.
Contact the police
- C.
Contact the Corporate Branch Administrator
- D.
Contact the Chief Executive Officer
Correct Answer
C. Contact the Corporate Branch AdministratorExplanation
The first thing a Branch Director should do if they suspect fraudulent or deceptive behavior is to contact the Corporate Branch Administrator. This is the appropriate course of action as the Corporate Branch Administrator is responsible for overseeing the operations of all branches and can initiate an investigation into the suspected behavior. Contacting the media, police, or Chief Executive Officer may not be the most suitable initial step as it is important to follow the proper internal channels and procedures first.Rate this question:
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- 27.
Who are Branch Directors immediately accountable to?
- A.
Chief Compliance Officer
- B.
FPF Business Representatives
- C.
Corporate Branch Administrator
Correct Answer
C. Corporate Branch AdministratorExplanation
Branch Directors are immediately accountable to the Corporate Branch Administrator. The Corporate Branch Administrator is responsible for overseeing the operations and performance of all branches within the organization. They provide guidance, support, and supervision to the Branch Directors to ensure that they are effectively managing their respective branches. The Corporate Branch Administrator plays a crucial role in maintaining consistency and alignment across all branches and ensuring that they are operating in accordance with the organization's policies and procedures.Rate this question:
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- 28.
What employees are mentioned in Aklero adverse findings reports?
- A.
Processor, Chief Compliance Officer, and Loan Officer
- B.
Underwriter, Branch Director, MLO, and Processor
- C.
Branch Director, Director of Business Development, Corporate Branch Director
- D.
Underwriter, MLO, Chief Compliance Officer, Executive Vice President
Correct Answer
B. Underwriter, Branch Director, MLO, and Processor -
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